Grove Collaborative (NYSE:GROV) Stock Price Down 2% – Here’s Why

Grove Collaborative Holdings, Inc. (NYSE:GROV) shares were down 2% on Monday . The company traded as low as $0.92 and last traded at $0.9786. 17,863 shares were traded during mid-day trading, a decline of 53% from the average session volume of 37,990 shares. The stock had previously closed at $0.9989.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings cut shares of Grove Collaborative from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, August 19th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $2.00.

Grove Collaborative Stock Performance

The firm has a market cap of $44.62 million, a P/E ratio of -5.49 and a beta of 1.03. The firm’s fifty day moving average is $1.10 and its 200 day moving average is $1.22.

Grove Collaborative (NYSE:GROV) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.03. The company had revenue of $36.57 million for the quarter, compared to analyst estimates of $36.70 million.

Hedge Funds Weigh In On Grove Collaborative

A hedge fund recently raised its stake in Grove Collaborative stock. Susquehanna International Group LLP boosted its holdings in Grove Collaborative Holdings, Inc. (NYSE:GROV) by 371.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 67,637 shares of the company’s stock after purchasing an additional 53,283 shares during the quarter. Susquehanna International Group LLP owned 0.16% of Grove Collaborative worth $101,000 at the end of the most recent reporting period. 91.64% of the stock is owned by hedge funds and other institutional investors.

About Grove Collaborative

Grove Collaborative is a direct-to-consumer digital marketplace offering a broad assortment of sustainable home and personal care products. Operating as a public benefit corporation, the company provides an online platform designed to simplify the shopping experience for eco-friendly essentials, including cleaning supplies, personal care items, baby and family products, wellness goods and pet care.

The company’s business model centers on a subscription-based delivery service that enables members to schedule regular shipments of both third-party and private-label products.